NAICOM licenses more insurers compliant with NIIRA 2025 capital requirements

National Insurance Commission (NAICOM) has issued new licences to additional insurance companies confirmed to have met the minimum capital requirements under the Nigerian Insurance Industry Reform Agenda (NIIRA 2025).

The commission said the development marked another milestone in its efforts to strengthen confidence, enhance financial stability and promote professionalism in Nigeria’s insurance industry.

In a statement issued on Thursday, NAICOM said the companies had undergone the required confirmation and verification process to establish their compliance with the new minimum capital requirements.

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Commenting on the development, the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, urged the newly licensed companies to deploy their capital prudently and effectively to support sustainable growth and strengthen policyholder protection.

Omosehin also urged the companies to move away from unethical practices and uphold high standards of corporate governance, transparency and accountability.

The commissioner stressed the need for all stakeholders in the industry to work collectively towards building a stronger, more credible and resilient insurance sector.

According to the statement, such collaboration would help ensure that insurance companies consistently meet their obligations, deliver on their promises and build greater trust and confidence among Nigerians.